Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 24.08 yuan [10]. Core Insights - The company achieved a revenue of 6.074 billion yuan and a net profit attributable to shareholders of 413 million yuan in 2023, reflecting a year-on-year growth of 11.3% and 65.1% respectively. The fourth quarter of 2023 saw a significant increase in revenue and net profit, with year-on-year growth rates of 44.98% and 60.59% [9]. - The company is expanding its market presence in Europe and North America, with notable growth in offline channels and new product lines. Revenue from furniture, home, pet, and garden products showed varied growth rates, with furniture experiencing a 4.8% increase and pet products growing by 37.3% [9]. - The company is focusing on cost reduction and revenue enhancement strategies, including optimizing supply chain operations and increasing R&D investments, which reached 60.07 million yuan in 2023, a 34% increase year-on-year [9]. Financial Forecasts - The company is projected to achieve revenues of 7.511 billion yuan, 9.212 billion yuan, and 11.341 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 508 million yuan, 617 million yuan, and 749 million yuan [2][11]. - The expected growth rates for revenue and net profit for the next few years are 23.7% and 23.0% respectively for 2024, with a gradual decline in PE ratios from 19 to 13 by 2026 [2][11]. Market Expansion - The company has successfully entered new markets, establishing wholly-owned subsidiaries in Mexico and Australia, which are expected to contribute to future growth [9]. - The company has diversified its sales channels, with significant revenue growth from platforms like Amazon and OTTO, indicating a successful adaptation to changing market dynamics [9]. Cost Management - The company has made strides in reducing inventory and transportation costs, with a notable decrease in shipping fees and an increase in gross margin [9]. - The report highlights ongoing efforts to streamline operations and improve logistics efficiency, which are expected to enhance profitability in the long term [9].
2023年年报点评：新渠道拓展超预期，开源节流打开长期成长空间